In C.i.t. Mumbai City-Ii v. M/S.state Bank Of India, the High Court (2008) dismissed the appeal.
Issue: Revenue has preferred this appeal on the following question of law :- "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the disallowance of discount Rs.20,84,95,884/- payable by the assessee to IDBI and other financial institutions on redis...
Decision: In the light of that, appeal stands dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.255 OF 2002
C.I.T. Mumbai City-II ..Appellant
Versus
M/s.State Bank of India ..Respondent
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Mr.P.S.Sahadevan for the appellant.
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Coram : F.I.Rebello &
R.S.Mohite,JJ
Date : 4.2.2008
PC
1. Revenue has preferred this appeal on the
following question of law :-
"Whether on the facts and in the
circumstances of the case and in law, the
Tribunal was justified in deleting the
disallowance of discount Rs.20,84,95,884/-
payable by the assessee to IDBI and other
financial institutions on rediscounting of
the bills from chargeable interest"
2. We find that the issue stands concluded by the
judgment of this Court in CIT V/s. Bank ofMaharashtra reported in 264 ITR 568 in favour of the
assessee. In the light of that, appeal stands
dismissed.
(R.S.Mohite,J) (F.I.Rebello,J)
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